What changed in Tango Therapeutics, Inc.'s 10-K — 2023 vs 2024
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Paragraph-level year-over-year comparison of Tango Therapeutics, Inc.'s 2023 and 2024 10-K annual filings, covering the Business, Risk Factors, Legal Proceedings, Cybersecurity, MD&A and Market Risk sections. Every new, removed and edited paragraph is highlighted side-by-side so you can see exactly what management changed in the 2024 report.
+104 added−127 removedSource: 10-K (2025-02-27) vs 10-K (2024-03-18)
Top changes in Tango Therapeutics, Inc.'s 2024 10-K
104 paragraphs added · 127 removed · 85 edited across 1 sections
- Item 1C. Cybersecurity+104 / −127 · 85 edited
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
85 edited+19 added−42 removed73 unchanged
Item 1C. Cybersecurity
Cybersecurity — threats and controls disclosure
85 edited+19 added−42 removed73 unchanged
2023 filing
2024 filing
Biggest changeOther Information Insider Adoption or Termination of Trading Arrangements 103 During the fiscal quarter ended December 31, 2023 , none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408, except as described in the table below: Name and Title Date Adopted Character of Trading Arrangement (1) Aggregate Number of Shares of Common Stock to be Purchased or Sold Pursuant to Trading Arrangement Duration (2) Other Material Terms Date Terminated Lesley Ann Calhoun , Director 11/6/2023 Rule 10b5-1 Trading Arrangement Up to 20,000 shares to be sold 11/1/2024 N/A N/A (1) This trading arrangement, identified as a “Rule 10b5-1Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c).
Biggest changeIt em 9B. Other Information Insider Adoption or Termination of Trading Arrangements During the fiscal quarter ended December 31, 2024 , none of our directors or officers informed us of the adoption or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 under Regulation S-K.
If the license is considered to not be distinct from other performance obligations, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied (i) at a point in time, but only for licenses determined to be distinct from other performance obligations in the contract, or (ii) over time; and, if over time, the appropriate method of measuring 99 progress for purposes of recognizing revenue from license payments.
If the license is considered to not be distinct from other performance obligations, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied (i) at a point in time, but only for licenses determined to be distinct from other performance obligations in the contract, or (ii) over time; and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from license payments.
The majority of our service providers invoice us in arrears for services performed, on a pre-determined schedule or when contractual milestones are met; 100 however, some require advance payments, which would be recorded as a prepaid expense in other assets, or if there is the right of offset, offset against our liability balance with the counterparty.
The majority of our service providers invoice us in arrears for services performed, on a pre-determined schedule or when contractual milestones are met; however, some require advance payments, which would be recorded as a prepaid expense in other assets, or if there is the right of offset, offset against our liability balance with the counterparty.
We also anticipate that we will incur increased accounting, audit, legal, regulatory, compliance and director and officer insurance costs as well as investor and public relations expenses associated with operating as a public company. 95 Other Income, Net Interest Income Interest income consists of income earned and losses incurred in connection with our investments in money market funds, U.S.
We also anticipate that we will incur increased accounting, audit, legal, regulatory, compliance and director and officer insurance costs as well as investor and public relations expenses associated with operating as a public company. Other Income, Net Interest Income Interest income consists of income earned and losses incurred in connection with our investments in money market funds, U.S.
The upfront payment was initially recorded as deferred revenue on our balance sheet and is recognized as revenue as or when the performance obligation under the contract is satisfied. In August 2020, the 2018 Gilead Agreement was expanded into a broader collaboration via an amended and restated research collaboration and license agreement (Gilead Agreement).
The 83 upfront payment was initially recorded as deferred revenue on our balance sheet and is recognized as revenue as or when the performance obligation under the contract is satisfied. In August 2020, the 2018 Gilead Agreement was expanded into a broader collaboration via an amended and restated research collaboration and license agreement (the Gilead Agreement).
We cannot determine 94 with certainty the timing of initiation, the duration or the completion costs of current or future preclinical studies and clinical trials of our product candidates or the timing of regulatory filings in connection with clinical trials or regulatory approval, due to the inherently unpredictable nature of preclinical and clinical development.
We cannot determine with certainty the timing of initiation, the duration or the completion costs of current or future preclinical studies and clinical trials of our product candidates or the timing of regulatory filings in connection with clinical trials or regulatory approval, due to the inherently unpredictable nature of preclinical and clinical development.
Our management, including our Chief Executive Officer and Chief Financial Officer, conducted an assessment of the effectiveness of our internal control over financial reporting based on the criteria set forth in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organization of the Treadway Commission.
Our management, including our Chief Executive Officer and Chief Financial Officer, conducted an assessment of the effectiveness of the Company's internal control over financial reporting based on the criteria set forth in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organization of the Treadway Commission.
Liquidity and Capital Resources Sources of Liquidity Since our inception, we have generated recurring net losses. We have not yet commercialized any product and we do not expect to generate revenue from sales of any products for several years, if at all.
Liquidity and Capital Resources Sources of Liquidity Since our inception, we have generated recurring net losses. We have not yet commercialized any products and we do not expect to generate revenue from sales of any products for several years, if at all.
We characterize research and development costs incurred prior to the identification of a product candidate as discovery costs. We use internal resources primarily to conduct our research and discovery activities as well as for managing our preclinical, development and manufacturing activities.
We characterize research and development costs incurred prior to the 84 identification of a product candidate as discovery costs. We use internal resources primarily to conduct our research and discovery activities as well as for managing our preclinical, development and manufacturing activities.
Collaboration Agreements with Gilead Sciences In October 2018, we entered into a collaboration agreement with Gilead (2018 Gilead Agreement). Pursuant to the terms of the 2018 Gilead Agreement, we received an initial upfront payment of $50.0 million.
Collaboration Agreements with Gilead Sciences In October 2018, we entered into a collaboration agreement (the 2018 Gilead Agreement) with Gilead Sciences, Inc. (Gilead). Pursuant to the terms of the 2018 Gilead Agreement, we received an initial upfront payment of $50.0 million.
Refer to Note 8 of our audited consolidated financial statements and related notes for the year ended December 31, 2023 included in this Annual Report on Form 10-K for a description of our license agreement. Critical Accounting Policies and Significant Judgments and Estimates Our consolidated financial statements have been prepared in accordance with U.S. GAAP.
Refer to Note 8 of our audited consolidated financial statements and related notes for the year ended December 31, 2024 included in this Annual Report on Form 10-K for a description of our license agreement. Critical Accounting Policies and Significant Judgments and Estimates Our consolidated financial statements have been prepared in accordance with U.S. GAAP.
While our significant accounting policies are described in more detail in Note 2 to our audited consolidated financial statements and related notes included in this Annual Report on Form 10-K for the year ended December 31, 2023, we believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our financial statements.
While our significant accounting policies are described in more detail in Note 2 to our audited consolidated financial statements and related notes included in this Annual Report on Form 10-K for the year ended December 31, 2024, we believe that the following accounting policies are those most critical to the judgments and estimates used in the preparation of our financial statements.
We expense research and development costs as incurred, which include: • employee-related expenses, including salaries, bonuses, benefits, stock-based compensation, other related costs for those employees involved in research and development efforts; • external research and development expenses incurred under agreements with contract research organizations, or CROs, as well as consultants that conduct our preclinical studies and development services; • costs related to manufacturing material for our preclinical and clinical studies; • laboratory supplies and research materials; • costs to fulfill our obligations under the collaboration with Gilead; • costs related to compliance with regulatory requirements; and • facilities, depreciation and other allocated expenses, which include direct and allocated expenses for rent, utilities and insurance.
We expense research and development costs as incurred, which include: • employee-related expenses, including salaries, bonuses, benefits, stock-based compensation, other related costs for those employees involved in research and development efforts; • external research and development expenses incurred under agreements with contract research organizations, or CROs, as well as consultants that conduct our preclinical studies and development services; • costs related to manufacturing material for our preclinical and clinical studies; • laboratory supplies and research materials; • costs to fulfill our obligations under the collaboration with Gilead; • costs related to compliance with regulatory requirements; and • facilities, information technology systems, depreciation and other allocated expenses, which include direct and allocated expenses for rent, utilities and insurance.
A contract liability is recognized when a customer prepays consideration or owes payment to an entity in advance of our performance according to a contract.
A contract liability is recognized when a customer prepays consideration or owes 90 payment to an entity in advance of our performance according to a contract.
These commitments are also recognized as operating lease liabilities in our balance sheet at December 31, 2023. Refer to Note 7 to our audited consolidated financial statements and related notes included in this Annual Report on Form 10-K for additional discussion of the lease.
These commitments are also recognized as operating lease liabilities in our balance sheet at December 31, 2024. Refer to Note 7 to our audited consolidated financial statements and related notes included in this Annual Report on Form 10-K for additional discussion of the lease.
We are not currently a party to any litigation or legal proceedings that, in the opinion of our management, are probable to have a material adverse effect on our business. It em 4. Mine Safety Disclosures Not applicable. 89 PART II It em 5.
We are not currently a party to any litigation or legal proceedings that, in the opinion of our management, are probable to have a material adverse effect on our business. It em 4. Mine Safety Disclosures Not applicable. 79 PART II It em 5.
Sales of the common stock, if any, will be made by methods deemed to be "at-the-market" stock offerings. The Sales Agreement will terminate upon the earliest of: (a) the sale of $100.0 million of shares of the Company's common stock or (b) the termination of the Sales Agreement by the Company or Jefferies.
Sales of the common stock, if any, will be made by methods deemed to be "at-the-market" stock offerings. The Sales Agreement will terminate upon the earliest of: (a) the sale of $100.0 million of shares of the Company's common stock or (b) the termination of the Sales Agreement by us or Jefferies.
This assessment may involve requesting Systems and Organization Controls Type 2 reports (SOC2 reports), conversations with our Head of IT, and the inclusion of contractual requirements to maintain data protection safeguards and timely notification if the third party experiences a security incident which may have a critical impact on our business or our data.
This assessment may involve requesting Systems and Organization Controls Type 2 reports (SOC2 reports), conversations with our Vice President of IT, and the inclusion of contractual requirements to maintain data protection safeguards and timely notification if the third party experiences a security incident which may have a critical impact on our business or our data.
Since inception, we have raised an aggregate of $166.9 million of gross proceeds from the sale of our preferred shares, $342.1 million in gross proceeds through the closing of the Business Combination and simultaneous financing transactions, $225.1 million through our collaboration with Gilead and $123.0 million of gross proceeds through (i) $80.0 million from the private placement of common shares and pre-funded warrants to purchase common shares in August 2023 and (ii) $43.0 million from our "at-the-market" stock offering program in January 2024.
Since inception, we have raised an aggregate of $166.9 million of gross proceeds from the sale of our preferred shares, $342.1 million in gross proceeds through the closing of the Business Combination and simultaneous financing transactions, $237.1 million through our collaboration with Gilead and $123.0 million of gross proceeds through (i) $80.0 million from the private placement of common shares and pre-funded warrants to purchase common shares in August 2023 and (ii) $43.0 million from our "at-the-market" stock offering program.
Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of December 31, 2023.
Based on such evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of December 31, 2024.
These payments are not included in the table above as the amount and timing of such payments are not known as of December 31, 2023. 98 License Agreement Obligations We have also entered into a license agreement under which we may be obligated to make milestone and royalty payments.
These payments are not included in the table above as the amount and timing of such payments are not known as of December 31, 2024. License Agreement Obligations We have also entered into a license agreement under which we may be obligated to make milestone and royalty payments.
The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.
The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means controls and other procedures of a company that are designed to provide reasonable assurance that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms.
Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
Disclosure controls and procedures include, without limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
If these estimates and judgments change over the course of these agreements, it may affect the timing and amount of revenue that we will recognize and record in future periods. Under ASC 606, we will recognize revenue when we fulfill our performance obligations under the agreement with Gilead.
If these estimates and judgments change over the course of these agreements, it may affect the timing and amount of revenue that we will recognize and record in future periods. Under ASC 606, we will recognize revenue when we fulfill our performance obligations under the agreements with customers.
Unregistered Sales of Equity Securities During the year ended December 31, 2023, we did not issue or sell any unregistered securities not previously disclosed in an Annual Report on Form 10-K or in a Current Report on Form 8-K. Purchases of Equity Securities by the Issuer and Affiliated Purchasers None. It em 6. [Reserved] Not applicable. 90 It em 7.
Unregistered Sales of Equity Securities During the year ended December 31, 2024, we did not issue or sell any unregistered securities not previously disclosed in an Annual Report on Form 10-K or in a Current Report on Form 8-K. Purchases of Equity Securities by the Issuer and Affiliated Purchasers None. It em 6. [Reserved] Not applicable. 81 It em 7.
As of December 31, 2023 and December 31, 2022, we were unable to estimate the timing or likelihood of achieving these milestones or generating future product sales.
As of December 31, 2024 and December 31, 2023, we were unable to estimate the timing or likelihood of achieving these milestones or generating future product sales.
In 2020 and 2021, Gilead elected to extend two programs for research extension fees totaling $24.0 million, which was added to our estimate of the transaction price to total $199.0 million. In June 2023, Gilead licensed a program for a $5.0 million fee, which was recognized as license revenue in the second quarter of 2023.
In 2020 and 2021, Gilead elected to extend two programs for research extension fees totaling $24.0 million, which was added to our estimate of the transaction price to total $199.0 million. In June 2024, Gilead licensed a program for a $12.0 million fee, which was recognized as license revenue in the second quarter of 2024.
Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy In an effort to protect our business from cybersecurity threats, we maintain and utilize various tools and processes that are designed to identify, assess, and manage cybersecurity risks.
Item 1C. Cybersecurity Cybersecurity Risk Management and Strategy 78 In an effort to protect our business from cybersecurity threats, we maintain and utilize various tools and processes that are designed to identify, assess, a nd manage cybersecurity risks.
The cash provided by financing activities for the twelve months ended December 31, 2023 consisted of the net proceeds received from our private placement financing transaction in August 2023 of $79.8 million, as well as the cash provided from the exercises of stock options and purchases from the 2021 Employee Stock Purchase Plan (the ESPP).
The cash provided by financing activities for the twelve months ended December 31, 2023 consisted of the net proceeds received from our private placement financing transaction in August 2023 of $79.8 million, as well as the cash provided from the exercises of stock options and ESPP purchases.
Recently Adopted Accounting Pronouncements A description of recently issued and adopted accounting pronouncements that may potentially impact our financial position, results of operations or cash flows is disclosed in Note 2 to our audited consolidated financial statements and related notes in this Annual Report on Form 10-K for the year ended December 31, 2023.
Recently Adopted Accounting Pronouncements A description of recently issued and adopted accounting pronouncements that may potentially impact our financial position, results of operations or cash flows is disclosed in Note 2 to our audited consolidated financial statements and related notes in this Annual Report on Form 10-K for the year ended December 31, 2024. Ite m 7A.
The Head of IT reports on the status of our cybersecurity risk management program to management and our Audit Committee on a periodic basis, which may include a discussion of the results of our annual third party cybersecurity risk assessments and critical updates to our mitigation and remediation efforts. 88 It em 2.
The Vice President of IT reports on the status of our cybersecurity risk management program to management and our Audit Committee on a periodic basis , which may include a discussion of the results of our annual third party cybersecurity risk assessments and critical updates to our mitigation and remediation efforts. It em 2.
We also are extending this target space beyond the classic, cell-autonomous effects of tumor suppressor gene loss to include the discovery of novel targets that reverse the effects of tumor suppressor gene loss that prevent the immune system from recognizing and killing cancer cells (immune evasion).
We also are extending this target space beyond the classic, cell-autonomous effects of tumor suppressor gene loss to include the discovery of novel targets that reverse tumor suppressor gene mediated immune evasion which prevents the immune system from recognizing and killing cancer cells.
We recorded an insignificant provision for income taxes for each of the years ended December 31, 2023 and 2022.
We recorded an insignificant provision for income taxes for each of the years ended December 31, 2024 and 2023.
Interest Rate Risk We had cash, cash equivalents and marketable securities of $336.9 million and $366.1 million as of December 31, 2023 and December 31, 2022, respectively, which consisted of cash, money market funds, U.S. Treasury bills and U.S. government agency bonds. Interest income is sensitive to changes in the general level of interest rates.
Interest Rate Risk We had cash, cash equivalents and marketable securities of $257.9 million and $336.9 million as of December 31, 2024 and December 31, 2023, respectively, which consisted of cash, money market funds, U.S. Treasury bills and U.S. government agency bonds. Interest income is sensitive to changes in the general level of interest rates.
Changes in Internal Controls Over Financial Reporting There were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the quarter ended December 31, 2023 that materially affected, or were reasonably likely to materially affect, the Company’s internal control over financial reporting.
Changes in Internal Control Over Financial Reporting There were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Rules 13a-15 and 15d-15(d) under the Exchange Act that occurred during the quarter ended December 31, 2024 that materially affected, or were reasonably likely to materially affect, the Company’s internal control over financial reporting.
At-the-Market Stock Offering In September 2022, we entered into a sales agreement (the Sales Agreement) with Jefferies LLC (Jefferies) which permitted the Company to sell from time to time, at its option, up to an aggregate of $100.0 million of shares of its common stock through Jefferies, as sales agent.
At-the-Market Stock Offering In September 2022, we entered into a sales agreement (the Sales Agreement) with Jefferies LLC (Jefferies) which permits us to sell from time to time, at our option, up to an aggregate of $100.0 million of shares of its common stock through Jefferies, as sales agent.
We are exposed to certain market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates.
Quantitative and Qualitative Disclosures About Market Risk. We are exposed to certain market risks in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates.
We plan to substantially increase our research and development expenses for the foreseeable future as we continue the development of our product candidates and manufacturing processes and conduct discovery and research activities for our preclinical programs.
The successful development of our product candidates is highly uncertain. We plan to substantially increase our research and development expenses for the foreseeable future as we continue the development of our product candidates and manufacturing processes and conduct discovery and research activities for our preclinical programs.
We anticipate that our expenses will increase substantially, particularly due to the numerous risks and uncertainties associated with developing product candidates, including the uncertainty of: • the scope, rate of progress, and expenses of our ongoing research activities as well as any preclinical studies, clinical trials and other research and development activities; • establishing an appropriate safety profile with IND-enabling studies; • successful enrollment in and completion of clinical trials; • whether our product candidates show safety and efficacy in our clinical trials; • receipt of marketing approvals from applicable regulatory authorities; • the progress of our collaboration with Gilead; • establishing commercial manufacturing capabilities or making arrangements with third-party manufacturers; • obtaining and maintaining patent and trade secret protection and regulatory exclusivity for our product candidates; • commercializing product candidates, if and when approved, whether alone or in collaboration with others; and • continued acceptable safety profile of products following any regulatory approval.
We anticipate that our expenses will increase substantially, particularly due to the numerous risks and uncertainties associated with developing product candidates, including the uncertainty of: • the scope, rate of progress, and expenses of our ongoing research activities as well as any preclinical studies, clinical trials and other research and development activities; • establishing an appropriate safety profile with IND-enabling studies; • successful enrollment in and completion of our clinical trials, including our combination clinical trials; • whether our product candidates show safety and efficacy in our clinical trials; • the receipt of marketing approvals from applicable regulatory authorities; • the progress of our collaboration with Gilead; • establishing commercial manufacturing capabilities or making arrangements with third-party manufacturers; • obtaining and maintaining patent and trade secret protection and regulatory exclusivity for our product candidates; • commercializing product candidates, if and when approved, whether alone or in collaboration with others; and • continued acceptable safety profile of products following any regulatory approval. 85 Any changes in the outcome of any of these variables with respect to the development of our product candidates in preclinical and clinical development could mean a significant change in the costs and timing associated with the development of these product candidates.
Our Security Committee, headed by the Head of IT and Chief Legal Counsel, assess and monitor any identified security incidents that impact us or our external partners. Furthermore, we assess and review the cybersecurity practices of third parties who have access to our systems and/or process our sensitive information.
Our Security Committee, headed by the Vice President of IT and the Chief Legal Counsel, assesses and monitors any identified security incidents that impact us or our external partners. Furthermore, we assess and review the cybersecurity practices of third parties who have access to our systems and/or process our sensitive information.
Provision for Income Taxes Provision for income taxes was $0.1 million for the year ended December 31, 2023 compared to less than $0.1 million for the year ended December 31, 2022. The income tax provision amount for both periods is primarily attributable to state taxes on interest income earned on marketable securities.
Provision for Income Taxes Provision for income taxes was $0.2 million for the year ended December 31, 2024 compared to $0.1 million for the year ended December 31, 2023. The income tax provision amount for both periods is primarily attributable to state taxes on interest income earned on marketable securities.
Since inception, we have raised an aggregate of $166.9 million of gross proceeds from the sale of our preferred shares, $342.1 million in gross proceeds through the closing of the Business Combination and simultaneous financing transactions, $123.0 million of gross proceeds through the $80.0 million private placement of common shares and pre-funded warrants to purchase common shares in August 2023, as well as $43.0 million of gross proceeds from our "at-the-market" stock offering program in January 2024, and another $225.1 million through our collaboration with Gilead.
Since inception, we have raised an aggregate of $166.9 million of gross proceeds from the sale of our preferred shares, $342.1 million in gross proceeds from the Business Combination and simultaneous financing transactions, $123.0 million of gross proceeds through (i) the $80.0 million private placement of common shares and pre-funded warrants to purchase common shares in August 2023, and (ii) the $43.0 million from our "at-the-market" stock offering program, and another $237.1 million through our collaboration with Gilead.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing at the end of this Annual Report on Form 10-K for the year ended December 31, 2023.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2024.
Other Income, Net Other income, net was $5.9 million for the year ended December 31, 2023 compared to other income, net of $1.5 million for the year ended December 31, 2022, with the increase being attributed to accretion on investments purchased at a discount.
Other Income, Net Other income, net was $7.6 million for the year ended December 31, 2024 compared to $5.9 million for the year ended December 31, 2023, with the increase being attributed to accretion on investments purchased at a discount.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Our common stock currently trades on The Nasdaq Global Market under the symbol "TNGX". Holders of Common Stock As of March 12, 2024, there were approximately 37 stockholders of record of our common stock.
Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market Information Our common stock currently trades on The Nasdaq Global Market under the symbol "TNGX". Holders of Common Stock As of February 19, 2025, there were approximately 17 stockholders of record of our common stock.
Management’s Report on Internal Control Over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rule 13a-15(f) under the Securities Exchange Act of 1934, as amended.
Management’s Report on Internal Control Over Financial Reporting Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 1t5d-15(f) under the Exchange Act.
However, if inflation remains at current levels for an extended period of time, or increases, our costs are likely to increase, which may negatively impact our cash flows. Ite m 8. Financial Statements and Supplementary Data.
However, if inflation were to increase, or remain at an elevated level for an extended period of time, our costs are likely to increase, which may negatively impact our cash flows. Ite m 8. Financial Statements and Supplementary Data.
Contractual Obligations and Commitments The following table summarizes our contractual obligations at December 31, 2023 and the effects that such obligations are expected to have on our liquidity and cash flows in future periods: Payments Due by Period Total Less than 1 Year 1 – 3 Years 3 – 5 Years More than 5 Years (in thousands) Operating lease commitments $ 55,544 $ 5,101 $ 11,384 $ 12,077 $ 26,982 Total $ 55,544 $ 5,101 $ 11,384 $ 12,077 $ 26,982 The commitment amounts in the table above primarily reflect the minimum payments due under our amended operating lease for office and laboratory space at our 201 Brookline Avenue, Boston, Massachusetts location.
Contractual Obligations and Commitments The following table summarizes our contractual obligations at December 31, 2024 and the effects that such obligations are expected to have on our liquidity and cash flows in future periods: Payments Due by Period Total Less than 1 Year 1 – 3 Years 3 – 5 Years More than 5 Years (in thousands) Operating lease commitments $ 50,100 $ 5,265 $ 11,725 $ 12,440 $ 20,670 Total $ 50,100 $ 5,265 $ 11,725 $ 12,440 $ 20,670 88 The commitment amounts in the table above primarily reflect the minimum payments due under our amended operating lease for office and laboratory space at our 201 Brookline Avenue, Boston, Massachusetts location.
There are a number of components of our risk management program. We leverage external third parties for security testing on an annual basis, including penetration testing. We consistently monitor critical risks from cybersecurity threats using automated tools and have a process to implement mitigation plans.
We leverage external third parties for security testing on an annual basis , including penetration testing . We consistently monitor critical risks from cybersecurity threats using automated tools and have a process to implement mitigation plans.
At contract inception, once the contract is determined to be within the scope of ASC 606, we assess whether the goods or services promised within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined not to be distinct are combined with other promised goods and services until a distinct bundle is identified.
At contract inception, once the contract is determined to be within the scope of ASC 606, we assess whether the goods or services promised within each contract are distinct and, therefore, represent a separate performance 89 obligation.
Our clinical development costs have, and are expected to increase significantly with the commencement and continuation of our clinical trials.
Our clinical development costs have, and are expected to continue to, increase significantly with the commencement and continuation of our current and planned clinical trials, including our planned combination clinical trials.
Financing Activities Net cash provided by financing activities was $82.4 million for the year ended December 31, 2023 compared to net cash provided by financing activities of $1.6 million for the year ended December 31, 2022.
Financing Activities Net cash provided by financing activities was $47.7 million for the year ended December 31, 2024 compared to net cash provided by financing activities of $82.4 million for the year ended December 31, 2023.
General and Administrative Expenses General and administrative expense was $35.5 million for the year ended December 31, 2023 compared to $30.0 million for the year ended December 31, 2022. The increase of $5.5 million was primarily due to a $4.5 million increase in personnel-related costs due to an increase in share-based compensation expense and additional headcount.
Additionally, the increase was also due to a $13.0 million increase in personnel-related costs due to an increase in share-based compensation expense and additional headcount. General and Administrative Expenses General and administrative expense was $43.7 million for the year ended December 31, 2024 compared to $35.5 million for the year ended December 31, 2023.
Our cybersecurity risk management program, which is in process of being integrated into our enterprise risk management program, is based on the National Institute of Standards and Technology (NIST) Cybersecurity Framework. Our cybersecurity risk management program focuses on monitoring the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents.
Our cybersecurity risk management program, which has been integrated into our enterprise risk management program, is based on the National Institute of Standards and Technology (NIST) Cybersecurity Framework. Our cybersecurity risk management program focuses on monitoring the prevention, detection, mitigation, and remediation of cybersecurity risks and incidents. There are a number of components of our risk management program.
The increase of $6.6 million is primarily due to higher research costs incurred under the collaboration during the year ended December 31, 2023 resulting in higher collaboration revenue recognized. License Revenue License revenue of $5.0 million for the year ended December 31, 2023 was derived from the Gilead collaboration.
The decrease of $1.6 million is primarily due to lower research costs incurred under the collaboration during the year ended December 31, 2024 resulting in lower collaboration revenue recognized. License Revenue License revenue of $12.1 million for the year ended December 31, 2024 was primarily derived from the Gilead collaboration.
Securities Authorized for Issuance Under Equity Compensation Plans The information required by Item 5 of Form 10-K regarding equity compensation plans is incorporated herein by reference to Item 12 of Part III of this Annual Report.
Upon the consummation of the merger, we changed our name to Tango Therapeutics, Inc. 80 Securities Authorized for Issuance Under Equity Compensation Plans The information required by Item 5 of Form 10-K regarding equity compensation plans is incorporated herein by reference to Item 12 of Part III of this Annual Report.
Since inception, we have incurred significant operating losses. For the years ended December 31, 2023 and 2022, our net losses were $101.7 million and $108.2 million, respectively. We had an accumulated deficit of $371.3 million as of December 31, 2023.
For the years ended December 31, 2024, 2023, and 2022 our net losses were $130.3 million, $101.7 million, and $108.2 million, respectively. We had an accumulated deficit of $501.6 million as of December 31, 2024.
We track these external research and development costs on a program-by-program basis once we have identified a product candidate. We do not allocate employee costs, costs associated with our target discovery efforts, laboratory supplies, and facilities, including depreciation or other indirect costs, to specific programs because these costs are deployed across multiple programs and, as such, are not separately classified.
We do not allocate employee costs or costs associated with our target discovery efforts, laboratory supplies, and facilities, including depreciation or other indirect costs, to specific programs because these costs are deployed across multiple programs and, as such, are not separately classified.
The increase of $5.0 million is due to Gilead licensing a program for $5.0 million during the second quarter of 2023 as compared to no programs licensed during the year ended December 31, 2022.
The increase of $7.1 million is primarily due to Gilead licensing a program for $12.0 million during the second quarter of 2024 as compared to licensing an earlier stage program for $5.0 million during the year ended December 31, 2023.
Research and Development Expenses 96 Research and development expense was $115.2 million for the year ended December 31, 2023 compared to $105.9 million for the year ended December 31, 2022. The increase of $9.3 million was primarily due to a $10.3 million increase in personnel-related costs due to an increase in share-based compensation expense and additional headcount.
The increase of $8.2 million was primarily due to a $6.6 million increase in personnel-related costs due to an increase in share-based compensation expense and additional headcount. Interest Income Interest income was $7.9 million for the year ended December 31, 2024 compared to $6.6 million for the year ended December 31, 2023.
Our Head of IT, under the supervision of our Chief Financial Officer, is responsible for the establishment and maintenance of our cybersecurity risk management program, including the day-to-day oversight of the assessment and management of cybersecurity risks. The Head of IT will regularly consult with outside security experts and management to evaluate certain aspects of the cybersecurity risk management program.
Our Vice President of IT, under the supervision of our Chief Financial Officer , is responsible for the establishment and maintenance of our cybersecurity risk management program, including the day-to-day oversight of the assessment and management of cybersecurity risks.
We currently do not have significant exposure to foreign currencies as we hold no foreign exchange contracts, option contracts, or other foreign hedging arrangements. Our operations may be subject to fluctuations in foreign currency exchange rates in the future.
We currently do not have significant exposure to foreign currencies as we hold no foreign exchange contracts, option contracts, or other foreign hedging arrangements.
Our novel small molecules are designed to be selectively active in cancer cells with specific tumor suppressor gene loss, killing those cancer cells while sparing normal cells.
Tumor suppressor gene loss remains a largely unaddressed target space specifically because these genetic events cannot be directly targeted. Our novel small molecules are designed to be selectively active in cancer cells with specific genetic alterations, killing those cancer cells while sparing normal cells.
Funding Requirements We believe that our existing cash, cash equivalents and marketable securities on hand as of December 31, 2023 of $336.9 million, in addition to $41.7 million in net proceeds from our "at-the-market" stock offering program in January 2024, will enable us to fund our operating expenses and capital expenditure requirements at least into late 2026.
As of December 31, 2024, we had cash and cash equivalents and marketable securities of $257.9 million. 87 Funding Requirements We expect that our existing cash, cash equivalents and marketable securities on hand as of December 31, 2024 of $257.9 million will enable us to fund our operating expenses and capital expenditure requirements at least into the third quarter of 2026.
Cash Flows Comparison of the Years Ended December 31, 2023 and 2022 97 The following table summarizes our cash flows for each of the years presented: Year Ended December 31, 2023 2022 Change (in thousands) Net cash used in operating activities $ (117,982 ) $ (109,080 ) $ (8,902 ) Net cash provided by investing activities 41,426 26,399 15,027 Net cash provided by financing activities 82,406 1,615 80,791 Net increase (decrease) in cash, cash equivalents and restricted cash $ 5,850 $ (81,066 ) $ 86,916 Operating Activities Net cash used in operating activities was $118.0 million for the year ended December 31, 2023 compared to net cash used in operating activities of $109.1 million for the year ended December 31, 2022.
Cash Flows Comparison of the Years Ended December 31, 2024 and 2023 The following table summarizes our cash flows for each of the years presented: Year Ended December 31, 2024 2023 Change (in thousands) Net cash used in operating activities $ (131,501 ) $ (117,982 ) $ (13,519 ) Net cash provided by investing activities 86,126 41,426 44,700 Net cash provided by financing activities 47,664 82,406 (34,742 ) Net increase (decrease) in cash, cash equivalents and restricted cash $ 2,289 $ 5,850 $ (3,561 ) Operating Activities Net cash used in operating activities was $131.5 million for the year ended December 31, 2024 compared to net cash used in operating activities of $118.0 million for the year ended December 31, 2023.
Effects of Inflation We do not believe that inflation has had a material effect on our business, financial condition or results of operations. Our operations may be subject to inflation in the future. Inflation generally affects us by increasing our cost of labor, clinical 102 trial and manufacturing costs and indirectly increasing interest rates.
Our operations may be subject to fluctuations in foreign currency exchange rates in the future. 91 Effects of Inflation We do not believe that inflation has had a material effect on our business, financial condition or results of operations. Our operations may be subject to inflation in the future.
During the years ended December 31, 2023 and 2022, we recognized $31.5 million and $24.9 million, respectively, of collaboration revenue associated with the Gilead agreements based on performance completed during each period. 93 Refer to Note 2 and Note 3 to our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K for additional information regarding our revenue recognition accounting policy and our collaboration agreement with Gilead.
Refer to Note 2 and Note 3 to our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K for additional information regarding our revenue recognition accounting policy and our collaboration agreement with Gilead.
The Head of IT has approximately 15 years of experience in information security and cybersecurity risk management. The IT team also institutes and maintains controls for our systems, applications, and databases.
The Vice President of IT will re gularly consult with outside security experts and management to evaluate certain aspects of the cybersecurity risk management program. The Vice President of IT has approximately 15 years of experience in information security and cybersecurity risk management. The IT team also institu tes and maintains controls for our systems, applications, and databases.
Patients are actively being enrolled in the dose escalation portion of the trial. Financial Overview Since the Company's inception, we have focused primarily on organizing and staffing our company, business planning, raising capital, discovering product candidates, securing related intellectual property, and conducting research and development activities for our programs.
Financial Overview Since the Company's inception, we have focused primarily on organizing and staffing our company, business planning, raising capital, discovering product candidates, securing related intellectual property, and conducting research and 82 development activities for our programs. To date, we have funded our operations primarily through equity financings and from the proceeds received from our collaboration agreement with Gilead.
We believe that our existing cash, cash equivalents and marketable securities on hand as of December 31, 2023 of $336.9 million, in addition to $41.7 million in net proceeds from our "at-the-market" stock offering program in January 2024, will enable us to fund our operating expenses and capital expenditure requirements at least into late 2026.
We expect that our existing cash, cash equivalents and marketable securities on hand as of December 31, 2024 of $257.9 million will enable us to fund our operating expenses and capital expenditure requirements at least into the third quarter of 2026. Since inception, we have incurred significant operating losses.
We leverage our state-of-the-art target discovery platform to identify novel targets and develop new drugs directed at tumor suppressor gene loss in defined patient populations with high unmet medical need. Tumor suppressor gene loss remains a largely unaddressed target space specifically because these genetic events cannot be directly targeted.
Overview Tango Therapeutics was founded with a clear mission: to discover the next wave of targeted therapies in oncology by addressing the specific genetic alterations that drive cancer. We leverage our state-of-the-art target discovery platform to identify novel targets and develop new drugs directed at tumor suppressor gene loss in defined patient populations with high unmet medical need.
Revenue To date, we have not recognized any revenue from product sales, and we do not expect to generate any revenue from the sale of products in the next several years.
As of December 31, 2024, we had sold 4,001,200 shares of common stock under this program for gross proceeds of $43.0 million. Revenue To date, we have not recognized any revenue from product sales, and we do not expect to generate any revenue from the sale of products in the next several years.
As of December 31, 2023, $106.6 million has been recognized as collaboration revenue related to the upfront and research option-extension payments from the Gilead agreements.
As of December 31, 2024, $136.6 million has been recognized as collaboration revenue related to the upfront and research option-extension payments from the Gilead agreements. During the years ended December 31, 2024, 2023, and 2022, we recognized $30.0 million, $31.5 million, and $24.9 million, respectively, of collaboration revenue associated with the Gilead agreements based on performance completed during each period.
Inflation rates, particularly in the U.S., have increased recently to levels not seen in years. We have not seen a significant impact from inflation on our business, financial condition or results of operations during the twelve months ended December 31, 2023.
Inflation generally affects us by increasing our cost of labor, clinical trial and manufacturing costs and indirectly increasing interest rates. We have not seen a significant impact from inflation on our business, financial condition or results of operations during the twelve months ended December 31, 2024.
Results of Operations Comparison of the Years Ended December 31, 2023 and 2022 The following table summarizes our results of operations for the years ended December 31, 2023 and 2022: Year Ended December 31, 2023 2022 Change (in thousands) Collaboration revenue $ 31,527 $ 24,860 $ 6,667 License revenue 5,000 — 5,000 Total revenue 36,527 24,860 11,667 Operating expenses: Research and development 115,198 105,906 9,292 General and administrative 35,502 30,025 5,477 Total operating expenses 150,700 135,931 14,769 Loss from operations (114,173 ) (111,071 ) (3,102 ) Other income: Interest income 6,619 1,456 5,163 Other income, net 5,944 1,493 4,451 Total other income, net 12,563 2,949 9,614 Loss before income taxes (101,610 ) (108,122 ) 6,512 Provision for income taxes (134 ) (54 ) (80 ) Net loss $ (101,744 ) $ (108,176 ) $ 6,432 Collaboration Revenue Collaboration revenue of $31.5 million and $24.9 million for the years ended December 31, 2023 and 2022, respectively, was derived from the Gilead collaboration.
Results of Operations Comparison of the Years Ended December 31, 2024 and 2023 The following table summarizes our results of operations for the years ended December 31, 2024 and 2023: Year Ended December 31, 2024 2023 Change (in thousands) Collaboration revenue $ 29,969 $ 31,527 $ (1,558 ) License revenue 12,100 5,000 7,100 Total revenue 42,069 36,527 5,542 Operating expenses: Research and development 143,918 115,198 28,720 General and administrative 43,746 35,502 8,244 Total operating expenses 187,664 150,700 36,964 Loss from operations (145,595 ) (114,173 ) (31,422 ) Other income: Interest income 7,890 6,619 1,271 Other income, net 7,611 5,944 1,667 Total other income, net 15,501 12,563 2,938 Loss before income taxes (130,094 ) (101,610 ) (28,484 ) Provision for income taxes (208 ) (134 ) (74 ) Net loss $ (130,302 ) $ (101,744 ) $ (28,558 ) 86 Collaboration Revenue Collaboration revenue of $30.0 million and $31.5 million for the years ended December 31, 2024 and 2023, respectively, was derived from the Gilead collaboration.
The increase in net cash used in operating activities for the twelve months ended December 31, 2023 was primarily due to changes in operating assets and liabilities, partially offset by a decrease in net loss.
The increase in net cash used in operating activities for the twelve months ended December 31, 2024 was primarily due to an increase to the net loss as a result of higher operating expenses related to the advancement of our programs and personnel-related costs.
The cash provided by financing activities for the twelve months ended December 31, 2022 was the result of cash provided from the exercises of stock options and ESPP purchases.
The cash provided by financing activities for the twelve months ended December 31, 2024 consisted of the $41.7 million in net proceeds received from our "at-the-market" stock offering program in January 2024, as well as the cash provided from the exercises of stock options and ESPP purchases.
Investing Activities Net cash provided by investing activities was $41.4 million for the year ended December 31, 2023 compared to net cash provided by investing activities of $26.4 million for the year ended December 31, 2022.
The increase was partially offset by changes in operating assets and liabilities and higher non-cash expenses, including stock-based compensation. Investing Activities Net cash provided by investing activities was $86.1 million for the year ended December 31, 2024 compared to net cash provided by investing activities of $41.4 million for the year ended December 31, 2023.
We may obtain unexpected results from our clinical trials. We may elect to discontinue, delay or modify clinical trials of some product candidates or focus on other product candidates. General and Administrative Expenses General and administrative expenses consists primarily of employee related costs, including salaries, bonuses, benefits, stock-based compensation and other related costs.
We may never succeed in achieving regulatory approval for any of our product candidates. We may obtain unexpected results from our clinical trials. We may elect to discontinue, delay or modify clinical trials of some product candidates or focus on other product candidates.
The increase in cash provided by investing activities for the twelve months ended December 31, 2023 was primarily due to an increase in sales and maturities of marketable securities.
The change was primarily due to a decrease in purchases of marketable securities as compared to the year ended December 31, 2023, which was partially offset by a decrease in sales and maturities of marketable securities as compared to the year ended December 31, 2023.
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